The Consumer Financial Protection Bureau (CFPB) could release long awaited residential servicing rules today, according to a memo circulated by the Mortgage Bankers Association (MBA).
A copy of the memo, written by MBA president David Stevens, says the rules “will likely be proposed with some comment period.”
No other details were available at deadline. One servicing advisor quipped: “I’m dying to know how much they actually listened to the mortgage talent they have on their periphery, in-house.”
Last year, the Federal Housing Finance Agency (FHFA) caused a stir when it tried to revamp minimum servicing fees. After an industry uproar against the change, the idea was shelved – but is not considered entirely dead.
CFPB’s proposal is expected to deal with servicing standards in one fashion or another.